Pankaj Deshpande

Product innovation is a pivotal driver of business growth, encompassing the development of new products and enhancements to existing ones to expand their applications. This article explores remarkable examples of product innovators who have revolutionized their industries. From Samsung's diverse collaborations to Lego's community-driven product creation and Mozilla's motivating open-source community, we delve into how these companies harnessed innovation to achieve remarkable success. Product Innovation Examples Here are a few product innovation examples that shine best in the business world: 1. Samsung: Embracing Diverse Collaborations Samsung, renowned globally as one of the most innovative corporations, has demonstrated its commitment to product innovation despite facing plagiarism accusations. By engaging in partnerships, Samsung consistently adds new features and connections to their existing product lineup. These collaborations not only generate revenue but also prov

Innovation is widely recognized as the key to enhancing productivity, fostering development, and improving living conditions. It generates employment opportunities, generates income, and positively impacts people's lives by creating valuable products and services. Generally, innovation emerges from the deliberate pursuit of advantages, which is acknowledged as the wellspring of innovation. Oftentimes, innovation is mistaken for advancement. While innovation involves creating new things, advancement is focused on designing effective implementation strategies. Throughout history, numerous companies have come up with ingenious innovations or products but failed to bring them to the market. 7 Different Sources of Innovation Here are seven sources of innovation proposed by renowned management guru Peter F. Drucker in his book " Innovation and Entrepreneurship ." The Unexpected  Innovations can occur unexpectedly and by chance. A groundbreaking idea or product can be stumbled u

Disruptive strategy alludes to the innovation that changes expensive or exceptionally sophisticated products or services—already available to a top-of-the-line or more gifted portion of customers—to those that are more reasonable and open to a more extensive population. This change disrupts the market by uprooting long-standing, established contenders.  It requires empowering technology, an inventive plan of action, and a conscious worth organization. It isn't the most common way of improving or upgrading items for a similar target group; instead, it includes the technology used to make them simple to use and accessible to the bigger, non-targeted market.  Clayton Christensen popularized the possibility of disruptive strategy in the book ‘The Innovator's Solution’, which developed his ‘The Innovator's Dilemma’ published in 1997. Importance of Disruptive Strategy The need to accept the fundamentals of disruptive strategy isn't only for those grounded businesses. Platfor

Digital technologies have progressed quite rapidly than any innovation in our history – reaching around half of the global population in two decades and changing civilizations. It has improved connectivity, financial services, and trade services; technology can be a great counterbalance.  For example, AI in the health sector can be used to diagnose diseases, cure patients, extend longevity, and even save lives. In the education sector, distance learning and online learning environments have created programs for students.  Public services are also available and responsible across blockchain systems and not arduous because of AI support.   5 Technologies that can accelerate innovation Here are some of the latest technologies that can help accelerate innovation in the future: Artificial Intelligence: Artificial Intelligence is one of the prime emerging technologies because of its considerable influence on how we work, live, and do things. AI is prominent because of navigation apps, image

Innovation is a critical component of an organization’s long-term sustainability and expansion. Businesses can excel in the market and enhance their processes and culture by putting innovation first. The coronavirus (COVID-19) epidemic has emphasized the importance of innovation more than ever. To position your company for long-term success, it's critical to nurture creativity across departments and at all levels. Innovation training is a highly effective method of accomplishing this. What is Innovation Training? A program or course that teaches learners how to understand and apply innovation theories, concepts, and practices is referred to as innovation training. Depending on the institution, the scope and substance of innovation training may vary.  The online Innovation course ‘Disruptive Strategy’, presented by Harvard Business School Professor Clayton Christensen, is an example of innovation trainings. Participants learn how to integrate assets and procedures to foster an innov